Gaming operator Melco Resorts & Entertainment Limited has granted US$10 million worth in restricted shares to its Chairman and CEO, Lawrence Ho Yau Lung, as a ‘motivational’ incentive, the group indicated in a Hong Kong Stock Exchange filing.
In total Ho was granted 484,956 American depositary shares of Melco Resorts equivalent to 1,454,868 shares in the gaming concessionaire, or 0.10 per cent of Melco Resorts’ issued shares.
Melco justified the offering as a way of “incentivizing and motivating” its Chairman and CEO to “strive for the future development of the Melco Resorts Group and its
As a substantial shareholder in Melco Resorts, Ho abstained from voting at the relevant board meeting on the resolution in relation to such grant.
Melco Resorts’ audited losses after taxation in 2020 amounted to US$1.4 billion, with the group having an audited net asset value of some US$1.8 billion.